An additional lateral trade in the Australian dollar (AUD) against the US dollar (USD) seems likely, probably in a range of 0.6480/0.6520. In the long term, the trend is still upwards, but it remains to be seen if the AU can break clearly above 0.6555, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
The audience may not break over 0.6555
24 -hour vision: “The audience rose to a maximum of 0.6538 last Thursday. Friday, when it was at 0.6510, we indicated that ‘although there is still no significant increase in the bullish impulse, the audience could try 0.6540 before the risk of a more considerable setback increases.’ Our expectations did not materialize, since the AUD was negotiated laterally between 0.6580 and 0.6517.
Vision at 1-3 weeks: “Last Tuesday (June 3, quotation in 0.6490), we highlight that the recent ‘price action suggests that the AU could continue to rise and test the level of significant resistance at 0.6540.’ After the audience rose to 0.6538, we highlighted on Friday (June 6, quotation in 0.6510) that ‘the trend is still upwards, but it remains to be seen if the AU can break clearly above 0.6555.’ We will keep our opinion as long as 0.6455 is not broken (without change in the level of ‘strong support’).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
